Chainlink has witnessed some intense selling pressure throughout the past couple of days, with the cryptocurrency being unable to mirror the gains seen by Bitcoin today.
These losses have struck a blow to its technical outlook, potentially opening the gates for it to see further downside in the coming weeks and months.
While speaking about its technical outlook, one analyst said that he is anticipating LINK to see significantly further downside unless bulls step up and reverse the ongoing downtrend.
He specifically is noting that the crypto is beginning to look “weak and heavy” as it trades near the lower boundary of its mid-term range that has been established throughout the past few months.
There is one strong support level that exists just below where Chainlink is currently trading at.
Its reaction to this level could illuminate its technical outlook, as a break below it may spark a capitulatory plunge similar to that seen early this month, during which time LINK hit lows of $9.00.